Roku prices IPO at top of price range, raises United States dollars 219 mln

Roku just priced its IPO at the top of its range, fetching a $1.3 billion market cap before trading on Thursday

Roku is expecting to price its IPO in the $12 to $14 range and raise roughly $220 million.

Roku has also flourished, seeing revenue jump almost 25% in 2016 to $398.6 million, driven mostly by sales of its devices.

Shares of Roku jumped more than 50% above its IPO price as of midday trading Thursday, indicating strong investor demand for the streaming device company. As of June 30, Roku had 15.1 million active accounts.

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All three offer streaming video boxes featuring the most popular apps, such as Netflix and Hulu, to the growing number of cord-cutters untethering themselves from cable television.

Roku users streamed more than 6.7 billion hours on the platform in the first six month of this year, the company said, up 62% from the same period in 2016.

Roku, however, has managed to deftly navigate the turbulent landscape, wisely branching out from the revenue from its streaming sticks and boxes-which is still three-quarters of total sales-into areas like advertising and licensing. It generated revenue of $199.7 million in the first six months of 2017, up 23% from $162.3 million in the same six months of 2016.

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Similar concern is being raised about Roku the next tech company in line for an IPO on Thursday. Apple, Amazon, and Google are all selling streaming hardware, and both Amazon and Google have partnered with TV makers to get their software operating systems on brand-new sets. Investors sent shares surging on the first day, betting the company can fend off larger rivals.

Roku is poised to capitalize on the popularity of streaming content.

"We are in a golden age of TV", Roku said in its prospectus. Roku's offering, on the other hand, plays nice with whatever service you want to watch. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.

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